Elevation Partners, a private equity firm led by Bono of rock band U2 (the second best rock band to come out of Ireland after Thin Lizzy ), has invested $325m and acquired 25% of Palm Inc.

I can only assume Elevation Partners had money burning a hole in their pockets after they lost out on the Eidos purchase a few months back... I wish them well, but am not entirely convinced they'll see a return on their investment.

Ah, so that's who the private equity firm was! Very interesting.

Interestingly this values the whole of Palm Inc at just $1.3bn, which might be about right or perhaps a little too much but certainly in the right ballpark for their existing and (so far) loyal customer base, current products (not sure about the pseudo-laptop), applications and probably a modicum of IP.